The Finance Guy recently decided that he wants to be RG-146 Compliant. This is the minimum educational requirement, set by ASIC, for anyone selling financial products in Australia. After an online search we found that there is no shortage of compliant courses.
Choosing a course. Now that we have decided that we want to study the course, the decision is how do we want to study it? We narrowed it down to three options which we have outlined below:
- $1,200: Online Self Paced - For an upfront fee, you can study from home in your own time. Upload your assessments, and complete the multi-choice exams online, whenever you choose.
- $3,300: 9 Day Classroom Course - If you are in a hurry, or prefer a more structured classroom environment, then this may be a good option. These courses are run frequently in all major cities.
- $14,000: Comprehensive 12 month E-Learning - This course includes the option for face to face training and webinar based training. They also say that they will help with job placement at the conclusion of your studies. No need to pay for this course upfront, VET FEE HELP is available on this one
The price of becoming RG-146 compliant ranges all the way from $1,200 up to $14,000. After researching all three options, it was decided that option 1 was best for us. We like the fact that it's self paced and online, but most importantly, it's the cheapest option. We decided to enrol through AAMC.
We did look at all options, but we could not see an extra $12,800 value in a course which takes longer, and leaves us with the same qualification.
It took less than an hour to enroll with AAMC. Once we had filled in our information, and paid the fee, an email arrived with login details, and we could get to work right away. The content was broken down into sections and seems very easy to navigate. It is in PDF format, and can be easily downloaded for printing or offline storage if need be.
AAMC has broken the RG-146 course down into four modules. Assessments are a combination of online multi-choice and written.
Module 1: Generic Knowledge - This section provides an introduction to the Australian financial system. We will learn about the Economic environment, the regulatory framework, tax, estate planning, and social security. This module contains 2 multi-choice tests and one written assigment
Module 2: Providing Personal Advice - This module focuses on the role of the role of financial advisers and the process of giving advice. This section will cover some of the compliance requirements and proper procedures for giving financial advice. To pass this module we will need to complete one multi-choice exam and one case study.
Module 3: Developing and using Complex Spreadsheets - This module will teach us how to use excel to it's full potential. The module will show us how to develop automated spreadsheets which will standardise the way we process information. Assessments for this module include one online multi-choice exam, and one written assessment.
Module 4: Advice in Life Insurance - This module will teach us everything we need to know in order to give insurance advice. We will learn about general and life insurance, and find out about the major players in the insurance industry. At completion of this module we should be confident to meet with clients and assess their needs for insurance. The final module in the course has one online multi-choice exam, 3 role plays, and one major project.
We are officially enrolled, and have a course outline. Upon completion of these four modules, we will have met the educational requirements to give financial advice in Australia.
We've been told to allow six months to complete this course. We will share our progress with you, so you can see just what it takes to become a professional financial adviser in Australia.